A device that digitally measures energy usage, smart meters are becoming more commonly used through various areas in Australia.
Smart meters measure the time and amount of energy being used on your premises, with this data being recorded every 30 minutes, or less. That information is then sent directly to your energy retailer via your meter provider.
Here are just some key benefits of smart meters for your business if you’ve been thinking about whether you need one or not.
Accurate billing
Standard meters often involve estimated reading, which can mean you get charged for more energy than you’re actually using. The estimate is based on the amount of energy you usually used in the past, or how much your energy provider thinks you will use.
With real-time data you can ensure you’re getting real-time pricing, which can vary depending on energy production and demand.
A smart meter sends energy readings to your retailer automatically so you will be accurately billed for the energy used during the billing period.
Removes need for manual readings
With a smart meter there is rarely a need for manual meter readings. The data from your smart meter is sent directly to your energy retailer.
Your retailer can also connect and disconnect your electricity remotely which helps you avoid delays when moving premises or switching energy retailers. By removing the need for a meter reader to visit your property, you can also avoid any access issues.
Manual meter readings and servicing also requires more vehicles on the roads, by removing the need for manual readings, you can also help reduce the amount of greenhouse gasses exported into the environment.
Make better decisions about your energy use
A smart meter reveals more detailed information about your energy consumption, which may help you male more informed decisions about your energy efficiency. Finding more ways to be more energy efficient can help save your business money, as well as being good for the environment.
A smart meter also provides better energy feedback and allows you to take control of your business energy. As smart meters make it easier to measure your energy consumption and compare your peak vs off-peak usage, you can implement time-of-use rate programs and take advantage of off-peak usage.
Analysing your energy data may help you find the best energy plan. With a smart meter you may also find your business is eligible for better products and services offered by your energy retailer. This could include energy management apps that enable you to regularly review your energy data, so you can keep on top of your energy consumption and bills. An energy insights portal could provide information on your average daily usage and allow you to compare your monthly invoice costs.
Identify wasted energy costs
A smart meter may help improve your understanding of your business energy and areas of wastage, which is crucial for any business that wants to reduce costs.
With more insight into your energy usage, you may be able to identify appliances that are using up a lot of energy. This allows you to assess if you have some appliances that are using more energy than is necessary and can be removed or replaced with more energy efficient models.
Perhaps you are using a lot of electricity during peak periods, with lighting, or heating and cooling, which may be costing you a lot. Minimising energy use during peak hours can help you save on your energy bills.
Flexible pricing options
With a smart meter installed, you may be able to access new flexible pricing that is based on the time of use. This can save you money, especially if you are able to shift your usage into cheaper usage periods.
Keep on top of power outages
The installation of a smart meter allows for better monitoring of the quality of the electricity supplier, including outages.
Power outages can cause significant disruption to your business. Smart meters allow your distributor to know when and where the power has gone out. Identifying power outages quicker means they can restore power faster and more efficiently and minimise the number and length of supply outages that impact you.
If you’ve been considering your business energy and whether you could be saving on costs, check out our blog on whether it may be time to compare your business energy plan.